Iii

darren72

Nothing showing on my statement for withdrawals, and I only had a very small amount of cash transferred over so it hasn't been deducted from that.

I'm not complaining about not being charged, but was wondering if this was common.....

Financial_Saddler

Linton wrote: »

To see the fees and any other cash transaction log on to the iii platform and look under the "statements" tab.

darren72 wrote: »

Nothing showing on my statement for withdrawals, and I only had a very small amount of cash transferred over so it hasn't been deducted from that.

I'm not complaining about not being charged, but was wondering if this was common.....

It is still worth checking the cash transfer amount ( and every other item ) as advised to you by HL and the amount shown as being transferred on your II statement - if no fees have been surreptitiously removed by II during this process then you have been lucky so far.

darren72

Financial_Saddler wrote: »

It is still worth checking the cash transfer amount ( and every other item ) as advised to you by HL and the amount shown as being transferred on your II statement - if no fees have been surreptitiously removed by II during this process then you have been lucky so far.

Thanks - I'll work through it and double check later.

From experience when is the fee normally taken ? - During the transfer in process ?

Thanks

frugalmacdugal

Hi,

fees are taken early Jan/Apl/Jul/Oct.

You would normally get an email week or so before due date to let you know.

darren72

frugalmacdugal wrote: »

Hi,

fees are taken early Jan/Apl/Jul/Oct.

You would normally get an email week or so before due date to let you know.

The SIPP free is an annual fee though ? - Does it depend on when the account is opened then I suppose ?

frugalmacdugal

Hi,

oops , sorry.

juliamarsh

darren72 wrote: »

Thanks - I'll work through it and double check later.

From experience when is the fee normally taken ? - During the transfer in process ?

Thanks

They will take it from the first cash contribution you make into the SIPP, without any prior notification and without giving you the opportunity to put cash into your trading account to cover the fee. That is what they did to me - the SIPP was opened at the beginning of February but no fee was asked for or taken, then in around July/August I did my own DIY Bed & SIPP (because they don't offer the service like HL used to) and they just took the fee out of my SIPP contribution. I complained and said I wanted the entire contribution used to fund my SIPP and I would put cash into my trading account to cover the fee, and I was virtually berated by somebody called Jimmy for having the SIPP open for 5 or 6 months without paying the fee, even though they had never requested it! As if I should have contacted them and begged to pay it! Anyhow it got sorted out, I put cash into my trading account, they took that for the fee as I requested and refunded the money they had taken from my contribution back into my SIPP. However it delayed my trading by a couple of weeks and the whole Bed & SIPP process was more like a 3 week holiday & SIPP! I have asked them that in future they notify me in advance when the fee is due as they do for the quarterly trading one, but no doubt that will be beyond them.

juliamarsh

Nocto wrote: »

To be fair - that is a very good point.

My units are the ‘Newton Asian Income Inc’ - Old ‘dirty’ ones, held outside of any wrapper.

So it could be that no one’s received dividends from these units.

I’m still fuming though!

I hold that fund - the dividend was credited to my account on 23rd December, after some chasing on my part. I had a dividend due on 31st December for Invesco Perpetual Corporate Bond and that has not been paid yet.

juliamarsh

Nocto wrote: »

I started the day feeling fairly relaxed about II, and happy with my rebate.

I shouldn't be too happy if I were you. It all looks great on the surface but an issue with HL's loyalty bonus payments got me looking into those made by III yesterday. Having spent the best part of my Sunday going through it all, I am sure it will come as no surprise to any of you that like everything else III does, the fund rebate payments are in one hell of a mess. Absolutely loads have not been paid at all for months when they should have been, loads more were paid for only part of the month when they should have been paid for the whole month, and it all adds up to quite a substantial amount of money. I have only gone through March to August so far and still need to check the statement for September to December, which is not yet available to view although they have told me it will be within 7 days, following which I will have to compile a very lengthy statement to present to them. Heaven only knows how much time and wrangling it is going to take to sort that out, but I won't let them get away with it. I recommend to everyone that you check your fund rebate statements very carefully against your statements from HL/whoever you transferred from as sadly I will bet money that you won't find an unbroken transition. Check the number of units they have paid the rebates on match up with the number you actually hold, as what they do to reflect a part month's payment is to pay the rebate on a lesser number of units, but I found they had done that when the holding had been transferred to them well before the beginning of that month so they should have paid it on the full amount. Oh hell, looks like another nightmare is beginning, just when I thought there might be some light at the end of the tunnel.... :mad:

Nocto

juliamarsh wrote: »

I hold that fund - the dividend was credited to my account on 23rd December, after some chasing on my part. I had a dividend due on 31st December for Invesco Perpetual Corporate Bond and that has not been paid yet.

There’s something dodgy about different customers being paid a dividend from the same fund on different dates. A quick look back at the posts shows that they paid out the Newton Asian dividend on the 12th, 15th, 23rd, or not to date… And that’s from a very small sample.

I think they must be doing their accounts on post it notes & the back of fag packets. It’s just sheer blind luck whether they happen to find the note with your name on it, and pay you! I guess the note with my name either fell in the Christmas punch bowl, or went up the hoover..!

A quick calculation suggests that my rebate was about right. But who knows, maybe a load of mistakes just happened to cancel each other out.

I’ve called II today to chase up my missing money, I think I’ve been more than generous by giving them this long to pay up.

I also called AJ Bell for a chat (they did say that they seem to have quite a few II customers calling them these days…), and I’ve opened an online account.

Interestingly AJ Bell use some different unit classes than II for their clean funds (for instance Invesco Y class units rather than Z), which have a slightly lower ongoing charge figure (by 0.05%). when asked I was told that they are ‘super clean’ units. They also rebate 0.05% on some funds where no ‘super clean’ unit is available (look up Schroder Asian Income Z inc on AJ Bell’s website).

I would actually be slightly better off with them than II, despite the higher quarterly fees. I think that’s a deal clincher. I’d get competence thrown in for free!:D